BNB
by BSCN
January 9, 2023
The recent Forbes report challenges much of Binance's financial disclosures but fails to put it into perspective within the industry.
Binance is underperforming and hemorrhaging assets, according to a recent report from Forbes Data and Analytics staff. The report goes in-depth into Binance’s finance on everything from BUSD stablecoin activity to the overall health of Binance’s BNB token.
The last two months have not been very kind to Binance. The exchange has reportedly lost upwards of $12 billion in the last sixty days, with over $360 million coming on Friday, January 6 alone. The January 9 report from Javier Paz, Director of Data and Analytics at Forbes, strives to disprove some of the recent public remarks from Binance and its CEO, Changpeng Zhao, about the financials of the world’s largest exchange.
“Investors’ lack of trust is best seen in the performances of Binance Coin (BNB) and Binance USD (BUSD), the two tokens bearing the exchange’s name,” write Paz, “BNB lost 29% of its value in the past two months, and Forbes estimates that leaves about 29 million of the tokens at Binance, 51% less than disclosed by the exchange on November 10. Meanwhile the number of BUSD stablecoins at the firm sank by 40%.”
Paz also digs into the recent controversies surrounding Binance’s Proof-of-Reserves and questions the validity of some of the holdings with the exchange’s portfolio. The report even challenges the accuracy of source material within the financial reserve listing pages on CoinMarketCap.
There is no denying that Binance has seen a shrink in its over holdings––as nearly every crypto company has during the recent bear market. Paz admits in his piece that “the argument can be made that the asset declines Binance is experiencing are similar to those at most exchanges,” while also pointing out in an earlier paragraph that the crypto industry overall lost 56% of its value in 2022.
A comparison of Binance’s numbers to itself will reveal an overall subtraction but fails to recognize the overwhelming success of Binance in comparison to its peers.
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Website | Twitter | Discord | Telegram |
Latest News
1h : 3m ago
Uniswap Approves $165.5M Growth Plan – How it Matters
2h : 48m ago
US SEC Drops Ripple Lawsuit: What it Means
March 19, 2025
FLOKI Token Review: The Self-Sustaining Crypto Ecosystem
March 19, 2025
Ice Network Update: Exchange Listings & Partnerships
March 19, 2025
BNB Chain's Dramatic Surge in 2025: Bigger than Ethereum
March 19, 2025
Is Crypto Security Crumbling? How the Industry Can Fight Back
March 19, 2025
Binance's 12th Hodler Airdrop Project: What Is BubbleMaps (BMT)?
March 19, 2025
Raydium to Launch Memecoin Rival to Challenge Pump.fun